Sensex and Nifty retreat from record highs amid market volatility
BSE building lit up for Diwali in Mumbai, India.
Market Overview
The BSE Sensex and NSE Nifty, India's major equity indices, experienced a sudden turnaround on Monday, as both indices failed to sustain their intra-day record highs and closed lower. The Sensex reached an intra-day high of 77,079 but slid 203 points to close at 76,490, while the Nifty slipped 31 points to 23,259 after touching a record high of 23,412 earlier.
Top movers
UltraTech Cement, Power Grid Corporation of India, Nestle India, Axis Bank, NTPC, and Tata Steel were among the Sensex's top gainers. Tech Mahindra, Infosys, Wipro, Mahindra & Mahindra, Bajaj Finance, and Maruti Suzuki India were the major laggards. Financial equities fell sharply in the final hour of trade, greatly adding to the market's collapse. The Nifty Bank Index fell by 22 points to settle at 49,781. On the other side, the Midcap Index climbed 41 points to close at 53,236, slightly exceeding the benchmarks.
Sectoral performance
IT companies were among the worst performers, with the sector index plunging 2 per cent as robust job statistics lowered prospects for rate cuts. Notably, four of the top five Nifty losers were IT companies: Tech Mahindra, Infosys, Wipro, and LTIM. Mphasis' stock fell 3 per cent after block trades involving up to 15 per cent of company ownership.
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Positive developments
On the positive side, most life insurance companies reported excellent business updates in May, causing their stock prices to jump by 1-3 per cent. Cement equities remained popular among investors amid expectations of a government push in the housing sector. Samvardhana Motherson increased its winning streak by 5 per cent for the day. Fertilizer stocks also rose when the Prime Minister released the latest instalment of the Kisan Samman Nidhi. GAIL's shares fell 5 per cent from their highs following a ₹60,000 crore ($7.23 billion) investment in an ethane cracker project.
Global market influence
In Asian markets, Tokyo was up while Seoul was down. The US stock market closed on Friday. Brent crude, the global oil standard, rose 0.31 per cent to $79.87 per barrel. The BSE benchmark closed at 76,693.36 on Friday, up 1,618.85 points, or 2.16 per cent. The Nifty closed at 23,290.15, up 468.75 points, or 2.05 per cent.
(With inputs from Agencies)